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input tax restriction .

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(Querist)
30 January 2012 dear experts, please inform the rate of input tax allowable on purchase of furnace oil as per section 14 of kvat act 2003 . If any new notification in this regard kindly inform.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
31 January 2012 Input tax on purchase of furnace oil is to be restricted as per sec 11(6) read with section 14. The %age of restriction shall be 4% or a lower rate as may be notified. The present notified rate is 2%. So you could disallow 2% and claim for 12% balance. see notif no.FD 507 csl 2007(IV) dtd 24.03.2008
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